Merrill Lynch & Co. chief John Thain has suggested to directors that he get a 2008 bonus of as much as $10 million, but the battered securities firm’s compensation committee is resisting his request, according to people familiar with the situation.The committee and full board are scheduled to meet Monday to hear Mr. Thain’s formal bonus recommendations for himself and other senior executives of the New York company. No decision has been reached, and it isn’t known what Mr. Thain will recommend, but the compensation committee is leaning toward denying the executives bonuses for this year, these people said.
WTF! Really? 10 million bucks because he managed to get BOA to buy at 70% instead of folding? No one who isn’t measurably successful should be given a bonus in the millions. He makes $750,000 a year, he should feel lucky to get that since 30,000 Merrill Lynch employees are now out of work.
Wall Street Journal